People's Republic Of China State-Owned Assets Law

Original Language Title: 中华人民共和国企业国有资产法

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  People's Republic of China, fifth President of the People's Republic of China Law on State-owned assets in enterprises by the People's Republic of China adopted on October 28, 2008, the fifth session of the Standing Committee of the 11th NPC, are hereby promulgated and take effect on May 1, 2009. People's Republic of China President Hu Jintao October 28, 2008 People's Republic of China State-owned assets law (October 28, 2008 adopted by the Standing Committee of the 11th National People's Congress's fifth session) contents chapter I General provisions chapter II to fulfil the responsibilities of investor institutions chapter State-funded enterprises the fourth chapter of State Fund Manager selection and evaluation of the fifth chapter of State-owned capital Major issues of interest of the investors section I General provisions section II enterprises section III fourth with related party transaction valuation section fifth State-owned capital management of State-owned assets transfer of the sixth chapter the seventh chapter of the budget of State-owned assets supervision and the eighth chapter legal liability the Nineth chapter by-laws chapter I General provisions article I in order to maintain the basic economic system of the State, consolidation and development of State-owned economy, to strengthen the State-owned assets

Protection, played the leading role of State-owned economy in the national economy, promoting the development of the Socialist market economy, this law is enacted.

Enterprise State-owned assets referred to in article II of this law (hereinafter referred to as the State-owned assets) refers to various forms of capital contribution form and interests. Article III of the State-owned assets which all owned by the State.

On behalf of the State exercise the ownership of State-owned assets under the State Council.

Fourth State Council and local people's Governments in accordance with the provisions of laws and administrative regulations, on behalf of the State for State-funded enterprises to fulfill their responsibilities of investor and investor interest. Determine the relationship between national economic lifelines and national security of the State Council of large State-funded enterprises, critical infrastructure, and key natural resources in areas such as State-funded enterprises by the State Council on behalf of the State to fulfil the responsibilities of investor.

Other State-funded enterprise, funded by the local people's Government on behalf of the State to fulfil duties.

Article fifth State-funded enterprises mentioned in this law refers to a State-funded state-owned enterprises, State-owned companies, holding companies, State-owned and State-owned capital-capital joint venture company.

Sixth the State Council and local people's Governments shall, in accordance with the separation of social public management functions and State-owned asset investors separate the functions and the principle of non-intervention business independently according to law, shall perform the investor's duties.

Article seventh States to take measures, State-owned capital to the lifeline of important industries and key areas of focus and national security, State-owned economy distribution and structure optimization, promoting reform and development of State-owned enterprises, improve the overall quality of the State-owned economy, State-owned economic control and influence.

Article eighth country sound and adapted to the requirements of socialist market economy development of State-owned assets management and supervision system, establish and improve the value of State-owned assets assessment and accountability system, implementation of national assets keeping value added responsibility. Nineth countries established State-owned asset management system.

The specific measures shall be formulated in accordance with the provisions of the State Council.

Article tenth of State-owned assets are protected by law and no unit or individual shall not be infringed upon.

Chapter to fulfill the responsibilities of investor's 11th state-owned assets supervision and administration in accordance with the provisions of the State Council and local people's Governments set up state-owned assets supervision and administration, under the authority of the people's Governments at the corresponding level, on behalf of the people's Governments at the corresponding level for State-funded enterprises to fulfill their responsibilities of investor.

As required by State and local governments may authorize other departments, representatives of the people's Governments at the corresponding level for State-funded enterprises to fulfill their responsibilities of investor.

On behalf of the people's Governments at the corresponding level of contribution responsibilities of agencies, departments, and collectively fulfill the responsibilities of investor institutions.

12th fulfilling responsibilities of investor representatives to the people's Government of State-funded enterprises enjoy the return on assets and the right to participate in major decisions and selection of managers and other investors.

Discharge the responsibilities of the investor in accordance with the provisions of laws and administrative rules and regulations, develop or participate in the development of national regulation of the enterprises funded by the.

Fulfil the responsibilities of investor body of laws, administrative regulations and the people's Governments at the corresponding level required to be approved by the people's Governments at the corresponding level to fulfil the responsibilities of investor concerns shall be submitted to the people's Governments at the corresponding level for approval.

13th to fulfill the responsibilities of investor's institutional shareholder representatives appointed by State-owned capital controlled companies, State-owned capital shares of the company held a shareholders meeting, the shareholders ' meeting shall follow the delegate agencies to put forward proposals, comments, the exercise of the right to vote, and fulfilment of responsibilities and results reporting delegate agencies.

14th institutions fulfil the responsibilities of investor should be in accordance with the laws, administrative regulations and the enterprise articles of contribution duties, protect the interests of investors, prevent the loss of State assets.

Fulfilling responsibilities of investor institutions should maintain enterprises as market subjects shall have the right, in addition to shall perform the investor's duties, not to interfere with business activities.

Article 15th investor responsibilities of agencies responsible for the people's Governments at the corresponding level, reporting to this level shall discharge the responsibilities of the investor, and accept the supervision and evaluation of the people's Governments at the corresponding level, responsible for increasing the value of State-owned assets.

Discharge the responsibilities of investors institution shall, in accordance with the relevant provisions of the State, regularly reporting to the people's Governments at the corresponding level on State-owned assets, structure, changes, such as meta-analysis.

Chapter three State enterprises funded by the 16th State enterprises funded by the movable and immovable property and other property in accordance with the laws, administrative regulations and the enterprise articles of right to possess, utilize, profit from and dispose of the rights.

State-funded enterprises enjoy management autonomy and other lawful rights and interests are protected by law.

17th State-funded enterprises engaged in business activities shall abide by the laws, administrative rules and regulations, strengthen management, improve economic efficiency, accept the people's Governments and their departments and agencies management and supervision according to law, subject to public supervision and shoulder social responsibility, responsible for investor.

State-funded enterprise shall set up and perfect the corporate governance structure, establishing and perfecting internal supervision and risk control system.

18th State-financed enterprises shall, in accordance with laws, administrative regulations and the regulations of the financial Department of the State Council, establish and improve the financial and accounting systems, set up accounting books and conduct accounting in accordance with laws, administrative regulations and the enterprise articles of Association provide the investor with true and complete financial and accounting information.

State-funded enterprises shall, in accordance with laws, administrative regulations and the enterprise articles of Association and allocation of profits to investors. 19th State-owned companies and State-owned capital controlled companies and State-owned capital shares of the company in accordance with the People's Republic of China Act provided for the establishment of the Board of supervisors.

By fulfilling the responsibilities of investor of State-owned enterprises in accordance with the provisions of the State Council appointed Supervisory Board of supervisors.

Board of supervisors of State-funded enterprise in accordance with the laws, administrative regulations and the enterprise articles of Association, the directors and senior management personnel from performing their duties to supervise the behavior, financial supervision and inspection of the enterprise.

20th State-funded enterprises according to law, the representatives of the employees or other forms, practise democratic management.

Article 21st State enterprises funded by funded enterprises enjoy return on assets and the right to participate in major decisions and selection of managers and other investors.

State enterprises funded by funded enterprises shall, in accordance with provisions of laws and administrative rules and regulations, through the establishment of or participation in the development of the enterprises funded by the Statute, accountability of precise and efficient internal supervision and risk control system of checks and balances, to preserve its investor interest. Fourth chapter national funded enterprise managers of select and assessment 22nd article perform funded people duties of institutions in accordance with legal, and administrative regulations and Enterprise articles of provides, appointment or recommends appointment national funded enterprise of following personnel: (a) appointment State-owned owned enterprise of Manager, and Deputy Manager, and financial head and other senior management personnel; (ii) appointment State-owned owned company of Chairman, and Deputy Chairman, and Director, and Board of supervisors President and prison thing; (three) to state-owned capital holding company, and State-owned capital shares company of shareholders will, and

Shareholders proposed candidates for directors, supervisors.

State-funded enterprises shall be chaired by a staff representative of the directors, supervisors, in accordance with the provisions of relevant laws and administrative regulations by the workers democratically elected.

Article 23rd responsibilities of investor body appointed or recommended for appointment of Directors, supervisors and senior management officers shall satisfy the following conditions: (a) good behaviour, (ii) that complies with the requirements of the professional knowledge and the ability to work and (iii) properly perform body condition (iv) other conditions stipulated by laws and administrative regulations.

Directors, supervisors and senior managers during his tenure fail to comply with the provisions of the preceding paragraph or any of the People's Republic of China Act shall not act as directors, supervisors and senior managers to fulfill responsibilities of investor's institution shall be removed or dismissed proposals. 24th institutions fulfil the responsibilities of investor to be appointed or recommended for appointment of candidates for directors, supervisors and senior management staff, should be carried out in accordance with the conditions and procedures for inspection.

Visit qualified, in accordance with the competence and the procedure for the appointment or proposed appointment. 25th without fulfilling the responsibilities of investor agreed, State-owned enterprises, the State-owned company's directors and senior management personnel shall not working part time in other enterprises.

Without the consent of shareholders, general meeting of shareholders, State-owned capital controlled companies, State-owned capital shares of the company's directors and senior management personnel shall not in other companies engaged in similar business part-time. Without consent of the institutions fulfil the responsibilities of investor and Manager may not serve concurrently as the Chairman of a State-owned company.

Without the consent of shareholders, general meeting of shareholders, Chairman of State-owned capital controlled companies shall not concurrently serve as managers.
Directors and senior management shall not serve concurrently as a supervisor.

26th article national funded enterprise of Director, and prison thing, and senior management personnel, should comply with legal, and administrative regulations and Enterprise articles, on enterprise has faithful obligations and diligent obligations, shall not using terms received bribery or made other illegal income and improper interests, shall not occupation, and misappropriated enterprise assets, shall not beyond terms or violation program decided Enterprise major matters, shall not has other against State-owned assets funded people interests of behavior. 27th State to establish State-funded enterprise managers ' performance appraisal system.

Discharge the responsibilities of the investor should the appointed managers conduct annual and term assessment, and based on the evaluation results to managers ' rewards and punishments.

Discharge the responsibilities of investors institution shall, in accordance with the relevant provisions of the State and determine the appointment of State-funded salary standard of business managers.

28th State-owned enterprises, State-owned companies and State-owned capital controlled companies in charge of, and shall be subject to the law of economic responsibility auditing. Article 29th of this law article 22nd the first, the second requirement of enterprise managers, stipulated by the State Council and local people's Governments of the people's Government to appoint or remove, in accordance with its provisions.

Discharge the responsibilities of the investor in accordance with the provisions of this chapter to the Enterprise Manager for appraisal, reward and punishment and determine their remuneration.

Fifth chapter relationship State-owned assets funded people interests of major matters first section General provides 30th article national funded enterprise merged, and Division, and restructuring, and listed, increased or reduced registered capital, issued bonds, for major investment, for others provides large guarantees, transfer major property, for large donation, distribution profit, and dissolved, and application bankruptcy, major matters, should comply with legal, and administrative regulations and Enterprise articles of provides, shall not damage funded people and creditors of interests.

31st state-owned enterprises, State-owned company merger, Division, increase or reduction of the registered capital, issue bonds, and profits, as well as dissolution, bankruptcy, by fulfilling the responsibilities of investor decisions.

Article 32nd State-owned enterprises and State-owned companies have listed in this article 30th, 31st except in accordance with this law and other relevant laws, administrative regulations and the enterprise articles of Association, other than by fulfilling the responsibilities of investor decisions, State-owned enterprises by enterprise leaders decided collectively, State-owned companies as determined by the Board. Article 33rd State-owned capital controlled companies, shares of State-owned capital company 30th matters listed in section v of this law, in accordance with the provisions of laws and administrative rules and regulations and the articles of incorporation, decided by the shareholders, the general meeting of shareholders or the Board.

Determined by the general meeting of the shareholders, and fulfil the responsibilities of investor shareholder's representative should be appointed the institution's 13th article exercise their rights according to this law.

34th article important of State-owned owned enterprise, and State-owned owned company, and State-owned capital holding company of merged, and Division, and dissolved, and application bankruptcy and legal, and administrative regulations and this level Government provides should by perform funded people duties of institutions reported by this level Government approved of major matters, perform funded people duties of institutions in made decided or to its delegate participate in State-owned capital holding company shareholders will Conference, and shareholders Assembly Conference of shareholders representative made indicates Qian, should reported to the this level Government approved.

Important in this law of State-owned enterprises, State-owned companies and State-owned capital controlled companies, determined in accordance with the provisions of the State Council.

35th State enterprises funded by the issuance of bonds and investment matters, relevant laws and administrative rules and regulations shall be submitted to the people's Government or the relevant government departments, institutions, approval or for the record, in accordance with its provisions.

36th State-funded enterprise investment should be in line with the State industrial policies, and conducted a feasibility study in accordance with State regulations; and other transactions shall be fair, paid for reasonable prices.

37th state enterprises funded by the merger, Division, restructuring, dissolution, bankruptcy and other major issues, should listen to the views of the Trade Union, and the representatives of the employees or other forms of listening to their views and suggestions. 38th State-owned enterprises, State-owned companies and State-owned capital controlled companies on the major issues of the enterprises funded by the light of the provisions of this chapter shall fulfil the responsibilities of investor.

Specific measures shall be formulated by the State Council.

Section II enterprises enterprises in 39th article of the law refers to: (a) the State-owned enterprises to state-owned companies, (ii) State-owned enterprises, State-owned company to a State-owned capital controlled companies or the non-State-owned capital controlled companies; (c) the holding company of State-owned capital to non-State-owned capital controlled companies.

40th enterprises shall, in accordance with the statutory procedures, by fulfilling the responsibilities of investor's agency decision or decided by the shareholders, general meeting of shareholders of the company.

Major State-owned enterprises, State-owned companies, restructuring of State-owned capital controlled companies, institutions fulfil the responsibilities of investor decisions to its delegation to participate in the State-owned capital controlled companies or shareholders ' meeting prior to giving directions, representatives of the general meeting of shareholders, approval of the restructuring plan should be submitted to the people's Governments at the corresponding level.

41st enterprises should develop a restructuring plan containing reforms of business organization, corporate assets or debt scheme, changes in ownership programmes and restructuring procedures, asset evaluation and financial auditing of intermediary institutions, such as employment and other matters.

Enterprises involved the resettlement of workers and staff resettlement programmes should be developed and considered for adoption by the Assembly of representatives of the employees or workers.

42nd enterprise restructuring should be carried out in accordance with the provisions of General Checkup on enterprise assets, financial auditing, assets appraisal, accurate definition and verification of assets, objectively and justly determine the value of the asset. Enterprises related to the enterprise's physical, intellectual property rights, land use conversion for non-monetary property or shares of State-owned capital investment shall be in accordance with the provisions for discounted property assessment to assess, confirm the price for determining the State-owned capital amount or number of shares basis.

Not the low selling price of property shares or other damaging the interests of investor behavior.

Section III and 43rd State enterprises funded by the related party transactions related parties shall not use transactions with State-funded enterprise, gain unfair advantage and harm the interests of State-funded enterprises.

Related parties mentioned in this law, refers to the company's directors, supervisors and senior management personnel and their close relatives, as well as the personnel all or actual control of the enterprise.

44th state-owned enterprises, State-owned companies and State-owned capital controlled companies shall not be provided to related parties free of capital, goods, services or any other asset shall be subject to unfair price transactions with related parties.

45th article without perform funded people duties of institutions agreed, State-owned owned enterprise, and State-owned owned company shall not has following behavior: (a) and associated party made property transfer, and borrowing of agreement; (ii) for associated party provides guarantees; (three) and associated party common funded established enterprise, or to Director, and prison thing, and senior management personnel or its near relatives all or actual control of enterprise investment. Article 46th State-owned capital controlled companies, shares of State-owned capital transactions between the company and related parties, in accordance with the People's Republic of China related to company law and administrative rules and regulations and the company's articles of Association, decided by the shareholders, the general meeting of shareholders or the Board.

Decided by the general meeting of the shareholders, the company, fulfilling responsibilities of investor institutions the shareholder representative appointed shall, in accordance with the provisions of article 13th to exercise their rights.

Company's Board of Directors on the company's transactions with related parties, resolutions that transactions involving directors shall not exercise the right to vote, or proxy another Director to exercise the right to vote.

Fourth quarter valuation 47th State-owned enterprises, State-owned companies and State-owned holding company merger, Division, restructuring of capital, the transfer of substantial property, non-monetary property foreign investments, liquidation or there are legal and administrative regulations as well as regulated in the articles of asset evaluation should be carried out in other circumstances, should be assessed in accordance with the provisions of the relevant assets.

48th State-owned enterprises, State-owned companies and State-owned capital controlled companies shall entrust a lawfully established eligible assets appraisal of the asset evaluation agencies involved shall be submitted to the fulfilment of the responsibilities of investor decisions, should entrust asset evaluation agencies to carry out the responsibilities of investor reports.

49th State-owned enterprises, State-owned companies and State-owned capital controlled companies and their directors, supervisors, senior management to the asset evaluation agencies should provide relevant information and materials shall not collude with asset evaluation agencies evaluated. 50th asset evaluation agencies and their staff entrusted with the evaluation of the assets shall abide by the laws, administrative regulations, and evaluate practice guidelines, independent, objective and fair assessment of the entrusted assets were evaluated.

Asset evaluation agencies should be responsible for its assessment report issued by.

Section fifth transfer of State-owned assets transfer of State-owned assets in 51st article of the law, refers to the the State formed by the contribution of the enterprise is transferred to other units or individual acts except for the gratuitous transfer of State-owned assets according to state regulations.

52nd transfer of State-owned assets should contribute to the State-owned economic layout and the strategic adjustment of the structure, preventing the loss of State assets, shall be without prejudice to the legitimate rights and interests of the parties. 53rd by fulfilling the responsibilities of investor of State-owned assets transfer agencies decisions.

Discharge the responsibilities of investors decided to transfer all the State-owned assets, or transfer of part of the State-owned assets that the State no longer has a stake in the enterprise, shall be submitted to the people's Governments at the corresponding level for approval.

54th transfer of State-owned assets shall follow the equivalent paid and the principles of openness, fairness and justice. Other than in accordance with State regulations can be negotiated directly, transfer of State-owned assets should be legally established property rights exchanges in public.

The transferor shall truthfully disclosed the relevant information, collecting the transferee; transferee of the collection for more than two, public bidding should be used for the transfer transaction.

Transfer of shares traded, in accordance with the People's Republic of China securities law provisions.
55th transfer of State-owned assets should be based on assessment according to law, by fulfilling the responsibilities of investor bodies or by bodies fulfil the responsibilities of investor based on the prices approved by the people's Governments at the corresponding level, determines the minimum transfer price.

56th article legal, and administrative regulations or State State-owned assets supervision management institutions provides can to this enterprise of Director, and prison thing, and senior management personnel or its near relatives, or these personnel all or actual control of enterprise transfer of State-owned assets, in transfer Shi, above personnel or enterprise participation by let of, should and other by let participants equal bid; transfer party should according to national about provides, truthfully disclosure about information; related of Director, and

Transfer of supervisors and senior management officers shall not take part in programme development and implementation work.

57th transfer of State-owned assets to foreign investors, shall comply with the relevant provisions of the State and may not endanger the State security and social and public interests.

The sixth chapter of State-owned capital operation budget 58th State establishing and perfecting the budget system for state capital operations, management of State-owned capital budget of income and expenditure made.

59th State made the following capital income, and payments in income, and State-owned capital operation budget shall be compiled: (a) the share of the profits from State-funded enterprises, (ii) incomes of the State-owned assets transfer; (c) from the liquidation of the State-funded enterprises income and (iv) other income of State-owned capital.

60th State-owned capital management budget prepared separately on an annual basis, incorporate the Government budgets, approval of the present level.

State-owned capital operation budget expenditure in accordance with the scale of budget revenues that year arrangements, does not contain deficit.

61st State Council and relevant local people's Government at the financial Department is responsible for State-owned capital operation budget the preparation of the draft, submitted to the financial sector fulfil the responsibilities of investor in fulfilling its responsibilities of investor of State-owned capital operation budget draft proposal.

62nd management of State-owned capital operation budget and the specific measures and implementation procedures, stipulated by the State Council, reported to the Standing Committee of the national people's Congress for the record.

Standing Committee of the seventh chapter of State-owned assets supervision and 63rd congresses through to hear and consider the people's Governments at the corresponding level to fulfil the responsibilities of investor and special work reports of the State-owned assets supervision and administration, organized law enforcement inspection on the implementation of this law, the supervisory power according to the law.

64th State Council and local people's Governments shall perform the responsibilities of investor institutions perform their duties as authorized to supervise the situation.

65th State audit institutions and local people's Governments in accordance with the People's Republic of China audit provisions of the law, of State-owned capital operation budget implementation and State-funded enterprises belonging to audit object audit and supervision.

66th State Council and local people's Governments shall publicize the State-owned assets according to law and the work of the State-owned assets supervision and administration, subject to public supervision.

All units and individuals have the right to impeach and accuse any practices of State-owned assets losses.

67th discharge the responsibilities of the investor in accordance with need, commissioned accounting firm for State-owned enterprises, State-owned companies to audit the annual financial report, or by State-owned capital shareholders, resolutions of the general meeting of shareholders of the holding company, controlled by the State-owned capital company hired the accounting firm to audit the annual financial report of the company, safeguard investors ' interests.

Eighth chapter legal responsibility 68th article perform funded people duties of institutions has following behavior one of of, on its directly is responsible for of competent personnel and other directly responsibility personnel law give disposition: (a) not according to statutory of served conditions, appointed or recommends appointed national funded enterprise managers of; (ii) occupation, and interception, and misappropriated national funded enterprise of funds or should surrendered of State-owned capital income of; (three) violation statutory of permission, and program, decided national funded enterprise major matters, caused State-owned assets loss of;

(D) any other conduct does not perform its functions as investors, resulting in losses of State-owned assets.

69th fulfilling responsibilities of investor Agency staff negligence, abuse of power, favoritism does not constitute a crime, he shall be subject to punishment.

70th to fulfill the responsibilities of investor's agency instructions from the shareholder representative appointed in accordance with delegated bodies perform duties caused State asset losses, legally undertake the compensation responsibility belongs to the agents of the State, and shall be subject to punishment.

71st article national funded enterprise of Director, and prison thing, and senior management personnel has following behavior one of, caused State-owned assets loss of, law bear compensation responsibility; belongs to national staff of, and law give disposition: (a) using terms received bribery or made other illegal income and improper interests of; (ii) occupation, and misappropriated enterprise assets of; (three) in enterprise restructuring, and property transfer, process in the, violation legal, and administrative regulations and fair trade rules, will Enterprise property low price transfer, and low price folding unit of;

(Four) violation this method provides and this enterprise for trading of; (five) not truthfully to assets assessment institutions, and accountants firm provides about situation and information, or and assets assessment institutions, and accountants firm collusion issued false assets assessment report, and audit report of; (six) violation legal, and administrative regulations and Enterprise articles provides of decision program, decided Enterprise major matters of; (seven) has other violation legal, and administrative regulations and Enterprise articles implementation positions behavior of.

State-funded enterprise's directors, supervisors, Senior Manager revenue due to the acts listed in the preceding paragraph, shall be recovered in accordance with law or State-funded enterprises-owned.

Fulfil the responsibilities of investor of the appointments or proposed appointments of Directors, supervisors and senior management personnel of any of the acts mentioned in the first paragraph of this article, resulting in major losses of State assets, by fulfilling the responsibilities of investor's Agency shall be removed or dismissed proposals.

72nd in relation to related party transactions, State-owned assets transfer transactions, the parties colluding, damaging the interests of the State-owned assets, the transaction is not valid. 73rd article State-owned owned enterprise, and State-owned owned company, and State-owned capital holding company of Director, and prison thing, and senior management personnel violation this method provides, caused State-owned assets major loss, was removal of, since removal of day up five years within shall not served as State-owned owned enterprise, and State-owned owned company, and State-owned capital holding company of Director, and prison thing, and senior management personnel; caused State-owned assets special major loss, or for corruption, and bribery, and occupation property, and misappropriated property or damage socialist market order was sentenced to penalty of,

Life may not be State-owned enterprises, State-owned companies and State-owned capital controlled company board directors, supervisors and senior managers.

74th entrusted to state-funded enterprises were asset valuation, financial audit of asset evaluation agencies, accounting firms violate laws, administrative regulations and practice guidelines, false asset appraisal report or audit reports issued, in accordance with the provisions of relevant laws and administrative regulations shall be investigated for legal responsibility.

75th in violation of the provisions of this law, to constitute a crime, criminal responsibility shall be investigated according to law.

Nineth chapter supplementary articles article 76th financial management and supervision of State-owned assets of enterprises, otherwise stipulated by laws, administrative regulations, in accordance with its provisions.

77th article this law shall enter into force on May 1, 2009.